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Allowance of Expenses

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 May 2010 Purchase a bike (motor cycle) from Cash for the busioness purpose whether it is disallowed u/s 43A(3) of income Tax Act..

Thanx in advance
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
26 May 2010 No it is not
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
26 May 2010 No it is not
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CA Archana

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CA Archana (Expert)
26 May 2010 The cash payment for the capital expenses is not disallowed.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
26 May 2010 AGREED, IT IS ALLOWED.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
26 May 2010 Section 40A(3) does not apply to expenditure which is not to be claimed as deduction u/s 30 to 37.
Purchase of bike is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of bike in cash.
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